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Saturday, May 30, 2015

We're a legal document assistance company, and basically that means we help people do their own documents. The main two services we provide are living trusts and divorce. So what we pride ourselves is going above and beyond for each and every one of our customers. Whether that means sometimes going to the house and doing a home visit for home bound people who need that service. Sometimes its a notary, sometimes it's a living trust. We work with everybody. If you have a legal need, we're going to be here to help you.

Wednesday, May 27, 2015

When you're busy planning the formation of an LLC or corporation,
its easy to overlook some details, even the important ones. Every
corporation or LLC must have an agent who is designated to receive
official correspondence and notice in case of lawsuit.

Registered agents are also known as resident agents or statutory agents, and they serve an important role in your company.

In
most states, the resident agent must be either an adult living in the
state of formation with a street address, or a corporation or LLC with a
business office in the state that provides registered agent services.
If you form an LLC or incorporate in your home state, any officer or
director, or manager or member in the case of an LLC, may act as the
resident agent. Having a third party act as the statutory agent comes
with some advantages, however, including increased privacy and reducing
the risk that you will be surprised at home with court papers for a
lawsuit.

Doing Business in Another State

So, what happens
after you incorporate in Delaware, for example, and then decide to start
doing business in New Jersey? At this point, you will need registered
agent service in the new state. The agent's address can also be where
the state send annual reports, tax notices and notices for yearly
renewals of the business's charter.

You will be required to
maintain a resident agent in any state where your company does business,
and the agent's office address and name must be included in the
articles of incorporation giving public notice.

Finding a Statutory Agent

Most
corporate service companies provide registered agent service, which
includes forwarding any tax notices or official documents from the
Secretary of State and the acceptance of legal service of process to
forward to your company. Basic levels of service include a legitimate
working office, compliance management, information shielding and
document organization as well.

Agents, or statutory agents, serve
an important role. After all, you will lose by default if you can't be
served or the paperwork isn't passed to you properly, so a reliable
registered agent is your first line of defense against opportunistic
lawyers. It's usually best to choose someone else as your registered
agent, as you don't want to be served in front of employees or customers
in a working office, and a good agent will protect your personal
information from appearing online.

Christine Layton writes for USA Corporate Services, a business service company specializing in helping business owners incorporate or form an LLC and decide which of the types of companies is best for their business.

Tuesday, May 26, 2015

You've probably heard of advance directives, but are unsure of
what they actually do and how they can help you. The truth is that these
are a great way to plan ahead for your future, but they do require a
bit of work upfront first. This is a good thing though, since it will
save you time and energy later. It's better to have the work done before
you actually need to do it so in a time of emergency everything is
already sorted out beforehand.

The first thing to be aware of is
the medical power of attorney, also called a healthcare proxy. This
person is lawfully able to make medical decisions for you in the event
that you are unable to. This includes when you are suffering from
dementia and when you are not conscious. This is a big shoe to fit into,
so to speak, so it is important that you select someone that you trust
completely. Sometimes, you may want to select a backup healthcare proxy
in the event that something happens to your original choice for POA.
This doesn't happen often, but when it does you will want to be
prepared. So having another person you trust on deck allows you to not
worry about constantly updating your POA paperwork.

You also need
to know that your POA will not be able to make decisions that override
your decisions. This is to benefit you, of course. If you were to wake
up out of a coma, you would then be able to once again make your own
decisions and not have to worry about your POA making a decision that
you do not want them to.

Some states do not actually honor other
states' advance directives. Some do. So it will require a little
research, either on your own or with your attorney, to make sure that if
you are moving from New York to California, for example, that your
advance directive will hold up under the scrutiny of the legal system.
The easiest solution to this problem is to have an advance directive
made up for each state that you will be residing in. So if you do move
into a California retirement home, make sure that you set up an advance
directive as soon as possible once you are a resident there.

A
final consideration for the State of California is that if you are in a
skilled nursing facility and want to set up an advance directive, you
must have a patient advocate sign the paperwork as a witness. Again,
this is to protect you and your rights.

Basically, the State of
California wants to ensure that the patient is of sound mind and that
they are not being taken advantage of. This is why an advocate must
sign-they look out for their patients' best interests.

Matthew G. Young is a freelance writer who specializes in
financial, sports, and health-related topics. To learn more about in
home health care visit Paradise In Home Care

Monday, May 25, 2015

If something happens while you are alive, that makes it
impossible for you to handle your financial affairs, sign legal
documents or communicate your wishes to others, you could have trouble
in many ways. Without a properly executed Power of Attorney, your family
may need to get a court order just to handle your affairs. These can
cost plenty and waste months of time.

Even though a power of
attorney is a relatively simple document and is readily available from
many sources, I am still amazed at how many families and individuals do
not have one in force. Follow these simple guidelines and make sure that
you are protected should anything ever happen that would cause you to
need one.

Seven Factors To Consider:

1. Your Agents:
One of the most important decisions with a power of attorney is your
selection of agents. Will you use a single agent or appoint co-agents?
Who will be your successor agent(s) if someone is unable or unwilling to
fulfill their duties? These are the questions you need to answer before
you are ready. Your agent(s) should be organized, good with numbers and
possess great common sense.

2. Access Medical Records:
Will you allow your agents to have access to your medical records? They
may need this information to keep track of, or to dispute medical
bills. But if you want or do not want them to have access to this
information, you will need to specify inside your power of attorney.

3. General or Specific Powers:
Will your power of attorney provide your agent with broad general
powers or very specific powers? You can decide on either, but the more
specific you get, the more limited the powers your agent will be
allowed. Most people will choose to provide a general power that will
include handling most financial, business and personal matters.

4. Beneficiary Changes:
You can empower your agents with the ability to change your
beneficiaries if you would like, but this can be a risky proposition. In
most instances, you will not allow for this provision. You can also
provide for the power to refuse potential inheritances. I think this can
be helpful in situations where, if someone passes and is leaving you an
inheritance, but you refuse it (or are deceased), it would go directly
to your children instead.

5. Effective Dates: When
will your power of attorney take effect? When will it terminate? You
can have it take effect immediately upon execution, you can have it take
effect upon the certification of some medical condition or you can
specify a certain time period. You might use this if you were going to
be out of the country for 3 months or in a rehabilitation program for
certain length of time. All powers of attorney terminate immediately
upon the death of the individual, but you can set other dates or events
as previously outlined.

6. Hire Professionals:
Will your agent have the power to hire professionals such as
accountants, financial advisers, lawyers, etc? If you want them to be
able to handle these on your behalf, you have to specifically allow them
by including this power within your document. If not, you may want to
specify who you are already working with and require their services if
needed.

7. Receive Compensation: Will your agent
be allowed to receive reasonable compensation for time and efforts spent
acting as your agent? Will they also be allowed to receive
reimbursement for any expenses that they incur while acting on your
behalf? In most cases you should allow both of these. Taking care of
someone's affairs can be time-consuming and there should be reasonable
remuneration for these services. While you can specify either way, your
agents may be unwilling to participate without it and this could cause
bigger problem down the road.

Summary: Having a
power of attorney drafted is a fairly simple and inexpensive process.
You can hire an attorney, use online legal services or purchase a legal
software package to assist you with the preparation. It is very
important to follow the execution and filing recommendations for your
state and county. Having proper witnesses and notarization of all
signatures is a great safeguard for any legal documents, so make sure to
get them done right.

To discover additional estate, financial and income tax strategies, check out my blog or download your FREE Wealth Expansion Kit by clicking here.
The first step to creating wealth is knowing where you are and then
charting a path that will enhance your financial strengths and correct
your weaknesses. Keith Maderer is a financial expert and has been a investment and
tax adviser in the Western New York area for over 30 years. He is the
owner of SENIOR Financial and Tax Associates and the founder of the
Maderer Foundation, a private scholarship program. Keith is also the author of "How To Get Your College Education For Less". Available on Amazon.com - ISBN No: 978-1-4538-2053-7.You can get your FREE Wealth Expansion Kit, or check out his blog by visiting http://www.sftaweb.com

Sunday, May 24, 2015

If you own a business or have shares in a family company then you
should consider making a Will. The following are some of the reasons
why making a Will for business owners is so important.

1. The
first reason is the fact you can select appropriate executors and
trustees, who will be responsible for ensuring the running of the
business after your death. Unlike funds in the bank, where management
can be fairly minimal, your executors will almost certainly need to
ensure the business is kept running in the short term until more long
decisions can be taken.

For even the smallest business, your
executor's job is to ensure that your financial obligations are met,
this can include dealing with tax issues, employees and your business
accounts. Failing to do so could have a detrimental effect on the value
of the business and therefore mean your family lose out financially. So
while your may ultimately want your spouse or children to inherit, if
they are not going to be the appropriate executors then you can appoint
executors who have the business skills to carry out the executor's
duties effectively.

2. The second reason is that by drafting your
Will, you can take advantage of the tax breaks offered for business
property. There are ways in which the Will can be prepared to ensure
that not only do you pass your business to the people you want to
inherit, but you do so in a way that limits your total inheritance tax
bill as well.

3. The third reason is for making a Will is so that
you define exactly how your executors can act. By making a Will, you are
able to ensure that your executors have all the necessary powers and
authorities they will need to carry on your business and run it
correctly. Without a Will, your estate may end up in a position where
decisions or steps that are needed to ensure the survival of the
business cannot be taken when they need to be. This could mean either a
lucrative business opportunity is missed or that an expensive Court
application is needed. Either way the result is detrimental to your
estate.

4. The final reason for making a Will is to ensure that
your interest in the business passes in the way that you want. So for
example if you have that children assist in the business while others do
not, you can draft your Will to take this into account.

You may
therefore decide to ensure that your children who are involved in your
business inherit the shares, while the others take cash or other assets.
Doing this ensures both a fairness in the way your children are dealt
with, but also means that your children who do take a role in the
business will not to lose their livelihood following your death.
Additionally it means that they will not be forced to sell the business
to pay their siblings, a move which may mean they also lose out
financially.

If you own a business then making a Will really is
something to consider very seriously. The time and effort you have spent
in building your business, and its value to it may not be properly
passed to your family if you do not make a Will.

Are you are looking for expert wills solicitors? Talk to Hull Solicitors Myer Wolff. Ashley Easterbrook is a partner in the firm's private client department.

Saturday, May 23, 2015

What is probate is a fundamental question. Financial planners
claim less than 20-percent of heirs and beneficiaries receive their
intended inheritance. Funeral expenses, unpaid debts, estate taxes and
legal fees can financially deplete the estate, leaving nothing for those
left behind.

This article answers the "what is probate" question
and provides tips and techniques to keep assets out of probate. Estates
will process through the court system faster when fewer assets are
involved.

Probate is the legal process used to validate decedents
Last Will and Testament and tie up financial loose ends. The last will
is the instrument used to convey final wishes and designate who should
receive money, personal belongings, real estate and valuable items.

Numerous
options exist for creating a Will. Preformatted Wills can be downloaded
online or purchased at office supply stores. Complex estates generally
require assistance from a probate attorney or professional estate
planner. Much depends on the estate's net worth and how many heirs are
entitled to assets.

An estate administrator is designated within
the decedent's Will. This individual is responsible for a wide range of
duties, so it is best to appoint someone who is good with finances and
able to cope well under stress. This is of particular importance when
family discord exists.

Probate begins when the decedent's death
certificate is submitted to probate court. The estate administrator must
create an inventory list of assets and obtain property appraisals for
valuable assets such as real estate, collectibles, antiques, artwork and
heirloom jewelry. Other duties include paying outstanding debts, filing
a final tax return and distributing assets according to directives
outlined within the Will. Most Administrators require assistance from an
attorney or estate planner.

The process of probate typically
takes six to nine months to settle. This can be financially challenging
for estates with business or real estate holdings. The estate is
responsible for maintaining real estate properties and managing business
entities. If the estate does not possess the financial means to
maintain property or handle business affairs, the court can order these
assets to be sold.

Probate provides a stage for disgruntled heirs
to contest the last will. When family members are disinherited or do not
receive assets they believe are rightfully theirs, they can file a
petition through the court.

The plaintiff is responsible for legal
fees. The estate must reimburse legal fees if the court rules in favor
of the plaintiff. When Wills are contested probate can drag on for years
and potentially bankrupt the estate. In most instances when Wills are
the contested, the only people who win are the attorneys.
Estate
assets can be exempted from probate by establishing a trust. A variety
of types exist and most can be customized to suit the needs of the
estate. Trusts are typically reserved for estates valued over $100,000.

Smaller
estate can utilize various techniques to keep assets out of probate.
These include establishing transfer on death (TOD) and payable on death
(POD) beneficiaries. TOD is used with investment and retirement
accounts, while POD is used for checking and savings accounts.

TOD
and POD assignments can be made by filling out a simple form through
the financial institution where accounts are held. Financial assets
avoid probate through the assignment of beneficiaries.
Real estate can avoid undergoing the process of probate by titling the property as 'Tenants in Common' or 'Joint Tenancy'.

Titled
property such as automobiles, motorcycles, boats and airplanes can be
jointly titled and transferred to the name beneficiary upon death
without passing through probate.

Another option to avoid probate
is to give assets to loved ones while you are still alive. The IRS
allows cash gifts of up to $10,000 per person or $20,000 per married
couple, per year. This option is oftentimes attractive to individuals
with chronic or terminal illness.

Probate can be an overwhelming
and time-consuming task. By taking time now to execute a last will and
testament and taking action to keep assets out of probate, you can rest
assured knowing your loved ones will receive the inheritance you wish to
leave them.

Simon Volkov is a real estate investor and probate liquidator who helps heirs understand what is probate
and how to avoid it. Simon engages in buying inheritance assets to ease
financial burdens of estates with limited finances. If you need to sell
estate assets or need additional information about probate, visit www.SimonVolkov.com.

Friday, May 22, 2015

A health care power of attorney or a health care proxy is a document that designates a person or persons you name and authorizes that person to make health care decisions for you -- but only in circumstances when you can't make the decisions for yourself.

Tuesday, May 19, 2015

Ever wondered how your modest finances or properties are handled,
in case something occurs to you or you will have to go away somewhere?
In that case consider the power of attorney. What is power of attorney?
This is a legal document that would facilitate you to allow an
organization or a person manages your business matters and your
finances.

The principal is person who is creating or signing the
power of attorney, while the agent or the attorney-in-fact is the person
who would be granted with authority. Because the power of attorney will
give the agent the control over banking, credit and other financial
concerns, it is important to be made with care that's why legal
assistance is important.

Power of attorney can be divided into 2
types, the general and the specific. The general power of attorney can
handle different personal and business transactions while the specific
power of attorney identifies specific transaction when the document
would take effect.

Here are some factors you should consider when choosing the best agent for your power of attorney:

•
Capability. It is much recommended to think about the capability of
agent in managing legal matters and principal's property. You should not
entrust your own finances to the agent who has problems in controlling
over their own finances.

• Age. In case you are thinking about
your child as the attorney-in-fact, you should consider the age. There
are differences on every state of laws on creating the power of
attorney. However approximately all of the laws accept that no agent
must be under 18 or 21 years old.

• Work experience. It's good idea to award authority to agent who is competent and expertise in legal matters or in finances.

•
Time. While deciding on the perfect agent to stand for you, at that
time it is very vital to think about how much time they can provide in
handling legal matters and financial.

• Location. It's advisable to consider agent who is not far from the property and the principal.

•
Organization and documentation skills. The principal may perhaps
require the attorney-in-fact to trace and correctly document the several
transactions made whether it will be for personal, business or
government purposes.

Other factor you should pay attention is how
to decide the spouse as the attorney-in-fact. Nearly all military
personnel will give the power of attorney to their spouses in case they
are in battle. Other option is a close relative.

You do not always
have to opt for a family member, you can decide on a non-relative
attorney-in-fact. If the principal is slightly worried on giving many
duties on one agent, then he or she may well find other co-agents.
However you could do that only if the power attorney specifies the
information or the limitation of the capabilities. Previous to making
decision on agent in the power of attorney, the principal ought to talk
to the agents first and ask them if they are keen to be agents.

When
carrying out the task, no organizations will control the agent. It will
just depend on the principal as well as principal's relatives to
supervise if the agent is carrying out what is predetermined in the
power of attorney.

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power of attorney [http://www.powerofattorney.getmytips.com]. Get free
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Monday, May 18, 2015

Business or personal matters often require giving power of
attorney (abbreviated as POA) privileges to chosen individuals. POA
authorizes the chosen individual to decide matters relating to finance
or healthcare for another person who are not capable of deciding
anything on his/her own.

Before giving such privileges to any
person, you need to know how it works, as well as the rights given to
that person. The person nominated for the purpose must be competent in
making decisions, some of which may go against the wishes of other
members of the family.

Law makes it obligatory to give POA only to
persons who are at least eighteen years old. It is extremely important
to select a person capable of taking difficult decisions relating to
finance and health.

People can choose between different kinds of
rights and responsibilities that they can transfer through a Power of
Attorney form, depending on their needs. Every POA involves two persons,
the 'Principal' and the 'Attorney-in-Fact.' The former is the
individual who defines the contract, and the latter is an individual who
executes the duties specified therein.

The most usual kind of
contract is the Durable Power of Attorney. It's a legal document,
authorizing the attorney-in-fact to take decisions concerning the
finances and health, as stipulated by the Principal. This kind of POA
remains in force till the Principal dies or revokes this act.

The
other frequently made document is called the Non-Durable Power of
Attorney. The attorney-in-fact to is authorized to take decisions for
certain transactions, which are specified in the act. This kind of POA
is usually made when the Principal needs to undergo surgery or another
medical treatment that could make them unable for taking decisions. This
POA is valid for a particular transaction, and automatically expires
after the operation took place.

A Healthcare Power of Attorney is
required while authorizing an individual for taking medical decisions
for the Principal. It essentially involves discussing the types of
treatments to which the principal may be subjected to.

The Limited
Power of Attorney is generally given to another person for selling or
transferring some Real Estate or property in the possession of the
Principal. The privilege expires after the completion of the
transaction.

Most do not feel comfortable discussing such topics.
However, the kind of treatment to be followed should be discussed in
advance, in case anything unexpected happens. For instance, if someone
doesn't want to be kept on a life support system, when the brain is
declared dead, he/she should specifically mention it in his/her
healthcare POA. Else, the medical personnel is obliged to obey the state
laws and continue with the regular medical treatment.

It is
always worthwhile talking to an attorney before making any Power of
Attorney. An attorney can suggest the most suitable document required
for the circumstances, and thus help the Principal in selecting a
suitable person for executing the specified duties. Are you looking for a Power of Attorney sample? Click here to visit powerofattorneysample.org and browse through the samples we have prepared for you!

Sunday, May 17, 2015

Like most legal documents, the importance of a will increases
with its acceptance amongst authorities. Making a Will is a complete
legal procedure and its advantages are many which make the preparation
imperative on the part of the owner. But the legal responsibility for
making a Will shouldn't be taken in a negative light and procrastinated
about. Instead the very advantages of making a Will could be the single
greatest catalyst for the preparation of a Will by the owner of the
assets. Below are a few of the major advantages of making a Will that
could be the catalyst for the owner to prepare it.

Also we would
like to state that people rarely find making a Will to be a pleasant
task. Preparing a Will is a metaphor for our own mortality which people
don't want to face. But as they say- No one is immortal or escapes death
and taxes! Who knows? You could compromise with your own mortal end
during the preparation and come out with a better view on life.

The advantages of making a Will are:

No
dispute between dependents: There can be no chance of any conflict or
dispute between the several dependents of the property if a will is
already made. The will perfectly sums up what is left to whom and that
itself diffuses any chance of conflict plus the division is also ensured
by law of the land. Without a Will, inheritance disputes often run into
years and decades which are not a viable option.

Lack of
ambiguity: A Will is a legal document that clearly states the division
of the property and that in itself clearly puts out the lack of
ambiguity.

Property Management: The property can now be easily
managed or divided according to the directions given in the Will and
that leads to a better sense of property management.

Appointment
of Executor/Guardian or Trustee: Will often appoints a responsible
person as a Executor or a Trustee who acts as the overseer of the
property. This also is important when the beneficiary is a minor or of
unsound mind and cannot look after the assets.

Disclosure: All the
property hidden or otherwise has to be correctly shown while making a
Will. This procedure eliminates the chances of any secretive assets and
the process will be highly beneficial to the beneficiaries of the How to make a will.

http://www.Willjini.com
offers easy, legal, affordable and online Will Writing solution - write
a Will in just 30 minutes - no calls, no meetings, no advocates, etc..

Saturday, May 16, 2015

Getting behind the wheel while you are under the influence of
alcohol or drugs is a very stupid decision. This mistake can cost you a
hefty fine or your freedom. You can get arrested for drunk driving and
this charge may result to expensive fines, community service, jail time
and a permanent record.

A DUI conviction in your record can have a
negative impact which may affect many areas of your life. Even after
you have paid the fines, attended drunk driving classes, and served your
sentence, you may realize that a DUI conviction on your record can
become a form of punishment on its own. For instance, a permanent record
can keep you from getting a job, a loan, or from renting a decent
apartment. To that end, you may want to have your DUI record expunged.

What Is Expungement?

When
the court agrees to expunge a criminal record, it basically means that
the conviction is sealed or erased. To that end, when a background check
is performed, the record won't appear. This is very helpful for those
who are seeking employment, applying for a loan, or for other purposes.
Remember
though that the record is not completely erased. It can still be seen
by law enforcers and court officials to check whether the person has
previous run-ins with the law. But an expungement will keep the
permanent record from ruining the individual's life.

How To Expunge A DUI

1. Understand what it means to expunge a DUI record:
As previously mentioned, DUI is a permanent record. If it gets
expunged, all the information about the case, including the files,
records, and criminal charges will be sealed. This means that in case
you apply for a job, you can tell your potential employer that you have
never been arrested, charged, or convicted of DUI.

2. Learn about the laws involving the expungement procedure:
You need to understand that expungement process may vary from state to
state. To that end, you must check with your country's court or law
enforcement agency where the arrests are expunged. Ask about the
requirements, such as a certificate that proves you have completed
probation and how many years before you can get your DUI expunged. There
are some states that allow immediate expungement for some cases, such
as a first offense in DUI.

3. Complete the process:
It is crucial to fill out all the necessary forms and requests for
expungement, such as the Motion to Expunge. After filling out the formal
request, you will need to submit the application to the court and pay
the fees necessary. You must then attend the expungement hearing once it
is scheduled by the court. Lastly, you may also need to appear in front
of a judge.

If everything went well, the judge will agree to the
expungement plea. He will then give a court order to expunge the DUI
record.

The author of this post suggests her readers to look for credible Spokane expungement lawyers if they want their DUI record or other criminal record expunged.

Friday, May 15, 2015

When planning for the future of your children as you get older,
there are a few options on how to pass on your assets such as property,
life insurance, stocks, etc. The two major ways of stating and
distributing your assets after your passing is with a living trust or
will. When you hear the words trust fund or wills, it refers to estate
planning. Although there are different trusts out there, the main one I
will focus on is a living trust.

Will

A will is a document that is created to help distribute assets and
properties to a beneficiary after one passes away. With a will, it will
be submitted through a probate process, which is a court process. In
this process, the courts will validate the will and ensure that all the
instructions are followed properly while also repaying any creditors.
The downfall to a will is that it becomes public so anyone can see the
distribution of your assets to your selected beneficiaries. On top of
not having privacy, it could take several months to even years for the
court to sort everything out!

Living Trust

A living trust is a legal document that states three parties:
Grantor/Trustor, Trustee, and Beneficiaries. The grantor/trustor is the
individual or couple who establishes/creates the trust. The trustee is
the person nominated to be in control of the trusts assets. In many
cases, the trustee is the same as the grantor/trustor. Beneficiaries are
those at the receiving end who will benefit from the trust. A trust is
beneficial to most people who have property worth $100,000+ and/or those
who have large amounts of assets. In certain states, properties at
$100,000+ can be subject to legal fees in the probate process. With a
living trust, it bypasses the whole probate process and all assets can
be immediately accessed by the beneficiaries. As opposed to a will, a
living trust is private so it does not go through a probate process,
therefore it is NOT a public record. Things that can be listed in a
living trust include: stocks, bonds, real estate, life insurance,
personal property, etc.

A trust is beneficial for estate planning
for those who have large amounts of assets. By establishing a specific
living trust known as an A-B Trust, an individual can reduce the amount
of taxes paid significantly. For example, in 2012, the current estate
tax is $5.12M with a cap at 35% over the $5.12M. In an A-B Trust with a
couple passing their assets to their one kid, they would designate half
the fund to the surviving spouse and the other half to the kid. The
surviving spouse and the kid will then each receive a tax break of
$5.12M giving a sheltered total of $10.24M from estate taxes. When the
surviving spouse passes, then his/her half is giving to the kid who is
then subject to another $5.12M tax break. Unlike a trust, a will however
will be only have a tax break of $5.12M.

Conclusion

When comparing the differences of having a last will versus a living
trust, it shows that the trust comes out on top. A trust will help to
give privacy, immediate access to assets from beneficiaries, AND tax
breaks. For those who are near the age of deciding what to pass on to
their children or know someone in that situation, help them understand
the difference of the two and sway them toward a living trust if
feasible!

Tuesday, May 12, 2015

Some folks have a lot more excuses than reasons to start an LLC
business. Some optimists would prefer to label them as roadblocks that
serve well as challenges. Taking this perspective will help business
owners persevere despite the challenges that come their way. Here are
some of the roadblocks that anyone starting an LLC business in are
likely to face:

- Bad economy

Even when the economy is good,
you might still have reasons not to take the entrepreneurial jump. It
is a fact, however, that opportunities abound even on a bad economy. The
challenge is how to spot these opportunities so that your LLC business
can flourish.

- Financing

Money is not always enough to
start an LLC business, or elsewhere for that matter. Fortunately for
those who wish to put up their own LLC, there are banks that offer
financing instruments that could provide the necessary operating
capital.

- Location

There will be no shortage of
business-worthy locations as long as you are offering the right products
and services in the right place where your customers are likely to be
at. School fairs and carnivals would be ideal for a food kiosk or a
novelty shop. Just be where your potential customers could possibly
hanging out.

- Marketing plan

Of course, a big factor to
consider in setting up your LLC business is your marketing plan. How are
you going to promote your products and services to your customers? What
messages would be compelling enough for them to buy your products or
avail of your services? These are just a couple of questions you should
ask yourself. The answers to these questions should be factored in when
you draft your marketing plan.

- Suppliers

Most small
businesses do not exist on their own. In most cases, you will have to
rely on suppliers whether for your raw materials or for the products
that you are going to distribute. Your partners in your LLC business are
your suppliers. Make sure that you find those that can match your
customer demand. If necessary, you should be able to find several
suppliers to ensure that you will not run out of the products and
services that you intend to sell to your customers.

- Number of employees to hire

Hire
only based on what you can afford. Some new start ups would hire more
employees than what they could afford on their budget. They hire people
so they don't have to do all of the work themselves. If there are some
tasks that you can do yourself, do it yourself for the meantime and keep
whatever money you could instead of paying an additional employee who
might not exactly be critical for the operations of your LLC business.

Monday, May 11, 2015

What does it all mean and what do you really, really need to ensure that your family will be cared for when you pass away?

While
the following definitions are by no means intended to be
all-encompassing, or cover all of the variations of each document, they
are helpful for the estate planning novice in determining what documents
are right and necessary for them.

What is a will?

A
will is a written legal declaration by which a person makes known how
their property will be disposed of upon their death. Property includes
not only real property (land, house, condominium, business storefront,
etc.), but also personal property such as jewelry, art, sports
memorabilia, even pets.

What is a living will?

A
living will is a legal document, by which a person makes known his or
her wishes regarding life-sustaining or life-prolonging medical
procedures, such as resuscitation. A living will can also be called an
advance directive, health care directive, advance medical directive, or
physician's directive.

What is power of attorney?

Power
of attorney is a legal document by which Person A gives Person B the
power to make decisions about their legal and/or financial affairs upon
Person A's incapacitation. Powers of Attorney expire upon your death.

What is a trust?

Trusts
come in all forms and can be straightforward or extremely complex.
Simple stated, trusts are a financial arrangement that allows a third
party (the trustee) to hold assets on behalf of a beneficiary. How and
when the assets pass to the beneficiary can be controlled by
establishing a trust.

The sooner you get started, the sooner
you'll have the peace of mind in knowing that your family will be cared
for when the inevitable happens.

Even if you have completed estate planning, it's never really 'done.' Life is going to come along and make you re-do it.

Following are a few examples of life circumstances that necessitate your updating your estate planning documents:

IF you had a baby

IF you got married

IF you got divorced

IF you adopted a child

IF you have a new grandbaby

IF a relationship within your family has changed

IF tax laws have changed

IF your estate value has dramatically increased (or decreased)

IF you moved to a new state

IF you retired

IF you changed your investments

These are just a few reasons that you might need to review your will with an attorney.

The Law Office of Nancy L. Holm, LLC, http://www.holmlawnj.com/
a New Jersey Limited Liability Company, is a full-service, general
practice law firm located in Monmouth County, N.J., and serving clients
in New Jersey and Pennsylvania. You can trust our integrity and
commitment to your best interests when you have a legal problem. We
offer a free consultation and reasonable rates, so that legal
representation is available to everyone.

Sunday, May 10, 2015

Saturday, May 9, 2015

Calculating and paying for taxes is never easy. It's especially
tricky if you are a member of a limited liability company, since this
business structure allows for a wide range of tax treatment options.
Lucky for you, there's this guide to help you navigate the murky waters
of LLC taxation.

General Rules

How your LLC will be taxed
depends on whether the IRS views your company as a sole proprietorship, a
partnership, an S corporation, or a C corporation. The IRS may tax the
individual members, the LLC as a whole, or both. Remember that the LLC
is legally considered a different business entity from the members
comprising it. Understanding this distinction will make the concept of
LLC taxation less confusing.

Sole Proprietorship

LLC
taxation for one-member companies is straightforward: the lone owner
pays the LLC's taxes based on the company's net income. There is no need
to file separate returns for the owner and the company.You can choose
to have your company treated as a corporation-provided that you also
allow it to be taxed as such.

Partnerships/Multi-Owner LLCs

Multi-owner
LLCs file two separate tax returns: the 1065 partnership tax return for
its business income, and the Schedule SE tax form for the
self-employment taxes of each member. Self-employment taxes depend on
the agreed profit-loss sharing between the members.

C Corporation

LLC
taxation rules for this business structure work like that of a standard
corporation. Essentially, the aggregate profits of the C corporation
are taxed according to the prevailing corporate tax rate, and any
profits distributed as dividends among members are taxed according to
the dividend rate. Though the members don't need to file individual
returns, they still need to pay payroll taxes in behalf of their
employees.

S Corporation

The LLC taxation system for S corps
is unusual. A return is filed in behalf of the LLC (i.e. Form 1120S),
but the company's profits aren't taxed as a whole. Instead, tax money
comes straight out of the individual members' pockets, again according
to their operating agreement. The members declare these taxes via
individual returns.

The LLC taxation system is only one of several
considerations you have to bear in mind when choosing an LLC structure.
All of these have their pros and cons, and it's important that you do
your research on which structure is in the best interest of your
company. Always take time to consult the experts, like your lawyer,
accountant, or even registered agent.

Wednesday, May 6, 2015

Having a DUI arrest or conviction record can tarnish your
reputation and make it difficult for you to get a job, loan, college,
military etc. Fortunately, California State allows you to expunge your
DUI record thereby, helping you to leave behind your past crimes and
move on with your life. However to obtain DUI expungement in California
you must meet certain requirements. Also, your expungement is not
guaranteed even after it's ordered.

Can your case be expunged?

Under California law, your case can be expunged if you meet the following requirements:

1. if you fulfilled the conditions of probation.

2. if you are not presently serving a sentence or on probation for any other crime.

3. if you are not presently charged for any other crime.

Also
other factors are considered before granting an expungement such as
whether you are a minor or an adult at the time of your conviction,
whether you are charged for misdemeanor or felony, and whether or not
you were sentenced to a state prison. If you meet such requirements your
case will be expunged.

What happens when the expungement is granted?

Under
California law, expunging means withdrawal of plea of guilty or no
contest and entering a plea of not guilty or setting aside the judgment
if you are found guilty in the trial. Once granted, you are thereafter,
relieved from all the consequences resulting from a DUI violation,
though with some exceptions.

Your life after expunging DUI record:

Job Applications:

As
per the California law, when applying for a private job you can firmly
answer "no" to the question "have you ever been convicted of a crime?"
in the application form. Also, your DUI record will not show up when
conducting a background check.

But expungement does not serve its
purpose when you apply for a government job. Your DUI convictions will
be revealed as expunged. It's not very helpful though. Also, your
expunged records are seen as a prior conviction, meaning, it can be used
for enhancing the penalties of your future DUI conviction in case you
commit any.

Expunge your DUI record "completely" with the help of DUI Process
Manual. It offers little-known strategies to clear your DUI record
completely and pass employment background checks in a step-by-step
approach. Visit my site for free DUI strategies report and DUI Process
Manual review and take action to clear DUI record
[http://www.dui-process.org/dui-process-manual-review/].

Tuesday, May 5, 2015

When you hear "uncontested divorce", also known as no fault
divorce in California, you probably think of a couple who amicably and
in a friendly manner decide to call it quits. While this is surely the
case in some situations, choosing to go the uncontested divorce route
may be a financial decision rather than an emotional one. Just like any
divorce, there is the chance that an uncontested will see unpleasantness
and bitterness to some degree.

So why would you choose this path
if you are unhappy with your former partner? Well, for one an
uncontested divorce is much cheaper than a contested divorce in most
cases. The couple could even file for divorce without the assistance of
lawyers, although at the very least speaking with an attorney is often
helpful and important in protecting one's rights.

What's more, it
allows the couple to end their marriage quickly and with as little
animosity as possible, even if the former couple isn't walking away from
the marriage with the best of feelings towards one another. You
probably will not agree on every single aspect of the divorce, but after
a little negotiating, compromising and talking through the issues,
couples are often able to reach an agreement without fighting each other
in court.

Getting back to the money-saving benefit of an
uncontested divorce, the extra cash that may otherwise go to a divorce
attorney can be used to rebuild your life. You won't have a partner with
whom you can split your expenses, including rent, car payments,
utilities, etc., and if you have kids you'll be able to pamper them a
little bit as they deal with the divorce.

There are some cases in
which a no fault divorce may not be right. If abuse exists in the
relationship, negotiating may be difficult for the victim of abuse, as
intimidation and possibly fear will put create an uneven playing field.
If either you or your spouse decides that you want to walk away with
most of your assets, or if you are not on speaking terms with your
spouse, an uncontested divorce may not be the best of choices.

In the end, though, many choose an uncontested divorce because of the money, headaches and hassle that it saves them.

Monday, May 4, 2015

Establishing a living trust is critical to the ability to protect
your assets and beneficiaries when you die. But many people don't know
that there are two types of trusts - irrevocable trusts and revocable
trusts. With irrevocable trusts, the grantor's assets are moved out of
the estate. In a revocable trust, assets stay in the grantor's estate.
There are advantages to each type depending on the grantor's specific
circumstances. Here is a rundown on the differences between the two
types of trusts.

Irrevocable Trust

Most people are unaware of the advantages that this type of trust provides:

Asset Protection - Moves assets out of the grantor's hands, keeping it
safe from lawsuits or creditors. A trustee has the power to make
decisions with or without the input of the grantor.

No Estate Taxes - Many people are attracted to these trusts because they are protected from federal estate taxes.

No Capital Gains Taxes - A skilled lawyer will be able to move assets
into irrevocable trusts so as to avoid capital gains taxes. This cannot
occur with revocable trust.

Before placing assets into this type of trust, make sure
that the grantor will never need them. While it is possible to retrieve
assets, it is very difficult and time consuming.

Revocable Trust

Most
people have an idea of what this type of trust is. Grantors without
complicated tax issues that want to still maintain control over their
assets, often choose to have a this trust.

Mental Disability - Individuals who fear that they will one day be
incapacitated, may want to designate a trustee to handle their assets
which can include extensive instructions that the trustee must carry
out. This is called a Disability Trustee.

To Protect Beneficiaries and Property - Keeps your property and assets
out of probate. This ensures that your documents stay private and out of
the public record. If privacy is important to you, consider a Revocable
Living Trust as opposed to a Last Will and Testament which becomes a
matter of public record that can be seen by anyone.

To Avoid Probate - Assets at the time of a person's death will pass
directly to the beneficiaries named in the trust agreement and avoid
probate.

For Flexibility - These types of trusts can be changed. If you have a
second thought about a particular item or beneficiary, you can modify
the document through a trust amendment. If you don't like the trust as a
whole, then you can revoke the entire document.

Word of Caution: These trusts offer not creditor
protection. If the asset holder is sued, the items in the trust are fair
game. Upon your death, those assets will be subject to federal and
state estate taxes.

Before creating a legal document, consult with
an attorney. Decide whether a Revocable Trust or Irrevocable Trust is
best for your estate and family. No one likes to think about passing
away, however it is extremely important not to leave the settlement of
vital affairs to your loved ones or the court system.Kathryn McDowell writes on the various aspects of estate planning. She recommends you seek the advice of an estate attorney to be sure your assets and beneficiaries are protected.

Sunday, May 3, 2015

Probate is the court process that determines whether your will is legally valid. The probate court is also where your estate is officially distributed to your creditors and the beneficiaries under your will. Depending on the value and complexity of your estate, the probate process can take several months .... or it may be eligible for a simplified process.

Friday, May 1, 2015

The process to form your incorporation is relatively easy, and
the legal concept of incorporation is recognized all over the world. A
Certificate of Incorporation is the evidence of incorporation and
registration of the legal entity with the authorities of a particular
state or an offshore jurisdiction. A primary advantage of incorporation
is the limited liability the corporate entity affords its shareholders,
and in many cases, favorable tax treatment. For anyone starting up his
or her own business, an understanding of business incorporation is a
must before taking that step.

Incorporation is a system of
registration which gives a business certain legal advantages in return
for accepting specific legal responsibilities and is an option that many
businesses each year decide to take advantage of. However, prior to
filing with the state, you should have your attorney and accountant
advise you as to whether or not incorporation is the right step for your
business, both from a legal standpoint and from a tax perspective. If
the corporation is a closely held corporation and does business
primarily within a single state, local incorporation is usually
preferable. Incorporation is a state process, and therefore the process
and specific benefits may differ from state to state, as well as
registration costs, resident agent fees, etc.

What type of
incorporation is best for my business? A "C" Corporation, an "S"
Corporation or a Limited Liability Company (LLC)? In addition to those
choices, you then need to decide where to incorporate. Not only does
each state offer certain benefits, but costs to file and maintain the
corporate status are different. Additionally, if your business purpose
is rather simple and straight forward, you may be able to use an online
incorporation service to incorporate, at substantial savings. Remember,
when in doubt, or if any questions or issues need addressed, seek
professional advice...it usually is cheaper in the long run!

There
are certain states that offer important incorporation benefits to the
directors and shareholders. You need to make a comparison of these
benefits, as well as the filing costs, to determine if incorporation in
that state is warranted. Another consideration for incorporation in a
state other than where your business is located, is that you may be
required to register as a foreign corporation in your resident state.
This will usually entail annual filing fees equal to or greater than
that for a domestic corporation. Again, prepare a checklist and weigh
all benefits as well as additional costs, etc. before the incorporation
process begins. Rather than incorporating in another state, you may also
benefit by an offshore incorporation. Check it out carefully.

Gust A. Lenglet is an accomplished author and financial advisor
and has written many articles in the fields of investments, law,
education, as well as taxation. He is President and CEO of HBS Financial
Group, Ltd. and offers online tax filing as well as timely advice on tax planning and investments.